Riyadh – Mubasher: Western Bakeries Company, a subsidiary of Almarai Company, has acquired an additional 25% stake, held by Chipita Saudi Arabia (Cyprus), in the Modern Food Industry in exchange for SAR 250 million.
Through this transaction, Western Bakeries Company became 100% owner in the capital of the Modern Food Industry, which will improve the company's position in the food sector and support Saudi Vision 2030, according to a recent bourse filing.
With a financial impact to be registered in the first quarter (Q1) of 2022, the acquisition was fully financed from Almarai’s operating cash flows.
